The European Bank for Reconstruction and Development (EBRD) announced on Wednesday that in 2014 it increased its investments in Romania by up to 592 million euros from 508 million euros in 2013, even if the number of funded projects went down last year to 26 from 32 projects in 2013, according to a press release from the EBRD.
Romania ranks 6th among the largest recipients of EBRD financing, being surpassed only by Turkey (1.394 billion euros), Ukraine (1.210 billion euros), Russia (608 million euros), Poland (594 million euros) and Egypt (593 million euros).
The EBRD also informed that in 2014 it increased its total investments to 8.9 billion euros from 8.5 billion euros in 2013, despite the fact that the institution reduced to one third the financing for Russia to 608 million euros.
‘The EBRD investments rose in 2014 as the emerging economies continued to suffer because of the events around Russia and Ukraine, the lack of relaunch in the Eurozone and the turbulence on global markets that appeared late last year. These developments will affect the EBRD net gain for 2014, reflecting mainly the impact of the economic crisis on the bank’s assets in Ukraine, as well as the effects of the ruble’s depreciation on its capital,’ reads the EBRD release.
The EBRD, held by 64 countries and two inter-governmental institutions, supports the development of market economies and democracy. Since the inception of its activity, the EBRD has invested some 7 billion euros in over 366 projects in Romania, having mobilized for these projects over 14 billion euros from other financing sources